During the March 12 session, gold adjusted sharply down after the US CPI data was released and the precious metal is currently trading around $2,160. With the RSI indicator starting to trend downward after touching the overbought zone, XAU/USD may also correct in the near future. Gold's current support is around the old peak at $2,145, beyond which is the $2,088 threshold.
For gold prices to surpass $2,200, it may require a stronger interest rate cut from the Fed. But, below are possible reasons why that won't happen.
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🔝 XAUUSD : Trading plan March, 13, 2024
🪙 We have 2 levels to have a good entry for the BUY signal :
I think 2175 is out and we can move up the entries - watching price action around 2175 develop ... could be a repeat scenario as with 2162 (I am trading in EUR so excuse slight difference in my pricing) ... thanks for ur analysis btw!!
SantaTradeGold
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